Blue Bird Centre Ltd$.($BBCL$)$ reported the following data at March$31,2020,$ with amounts in$$ thousands:

$1.$

Make the$$ company's closing entries at March$31,2020.$

$2.$

A$$ T$-$account for Retained Earnings has been opened for you. Post to that account.

$3.$

Compare the Retained$$ Earnings' ending balance to the amount reported on BBCL$\text{'}$s statement of retained earnings and balance sheet. What do you$$ find? Why is it$$ important?